Doing Business After the Credit Catharsis

Bank debt has long formed the sturdy foundation of the shipping capital markets. Exotic instruments come and go, but the ship mortgage and the syndicated bank loan remain and thrive. Typically banks fulfill their role quietly, helping clients to grow and modernize their companies without fanfare. At times, perhaps, they help a little too much. It was widely recognized in spring 2007 that liquidity – to shipping companies, but also to homeowners, buyout firms, and pretty much any other sector – was absolutely unprecedented, and that bankers, in their rush to compete for deals and build their portfolios, at times behaved in a way that could be construed as less than responsible.

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